• 287 days Will The ECB Continue To Hike Rates?
  • 288 days Forbes: Aramco Remains Largest Company In The Middle East
  • 289 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 689 days Could Crypto Overtake Traditional Investment?
  • 694 days Americans Still Quitting Jobs At Record Pace
  • 696 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 699 days Is The Dollar Too Strong?
  • 699 days Big Tech Disappoints Investors on Earnings Calls
  • 700 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 702 days China Is Quietly Trying To Distance Itself From Russia
  • 702 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 706 days Crypto Investors Won Big In 2021
  • 706 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 707 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 709 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 710 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 713 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 714 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 714 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 716 days Are NFTs About To Take Over Gaming?
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

How Millennials Are Reshaping Real Estate

How Millennials Are Reshaping Real Estate

The real estate market is…

  1. Home
  2. Markets
  3. Other

Precious Metals Analysis for Gold and Silver

The broad market including commodities is under some serious selling pressure as traders and investors panic to exit positions. Today small caps stocks and commodities took the majority of the beating. Although the market looks bearish at this point, I do think there is a very good chance of a bounce Thursday and Friday, but I figure we will see selling into the close on Friday as traders stay in cash over the weekend.

This week's price action for all our funds provides us with new technical analysis on the charts. Support levels were broken and we are now in free fall mode for these four commodities. I do like the way the charts are setting up. The bigger and quicker the drop in price the better the odds that the next setup will follow through for a profitable trade.

Gold Precious Metal - GLD ETF Fund

Gold confirmed the breakdown with a 1.5% drop today. We continue to wait for prices to stabilize and provide an opportunity to enter long. We are 5-10 days from any possible setup.

Silver Precious Metal - SLV ETF Fund

Silver has had a nice sharp pullback from the May high which we expected. We continue to wait for more price action to unfold to generate a low risk buy signal.

Technical Sector Timing of Precious Metals

So far this week the market has caused some serious damage to the technical's. Overall the market looks over sold and I am expecting a positive day tomorrow. The price action today looked very much like panic selling and that is generally when we see stocks and commodities rebound for a couple days.

The S&P500 penetrated a critical support level intraday but closed higher. One more down day in the market and we will most likely see program selling step in which will force stocks lower for another couple days triggering even more panic selling.

We continue to let the market unfold analyzing the technical's on a daily basis. Waiting for a low risk trade can be a slow process but this down time allows us to learn and fine tune our technical analysis skills even more.

If you would like to receive my Free Weekly Trading Reports or my Trading Signals please visit my website at: www.GoldAndOilGuy.com

 

Back to homepage

Leave a comment

Leave a comment